The original cost incurred to acquire an asset (as opposed to replacement cost, current cost, or cost adjusted by a general price index). If a company purchased land in 1940 for $1,000 and continues to hold that land, the company’s balance sheet in the year 2023 will report the land at $1,000 (even if the land is now worth $400,000).
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We now offer 10 Certificates of Achievement for Introductory Accounting and Bookkeeping: